Savings and Credit Cooperative Societies (SACCOs) have long been vital financial institutions for unbanked and underbanked populations, particularly in Africa. Traditionally, SACCOs have relied on cash-based and manual operations, limiting their reach and efficiency.
However, the rise of digital solutions is transforming the landscape, with platforms like MSACCO leading the charge towards financial inclusion.
MSACCO, developed by FutureLink Technologies, is a digital platform designed to enhance the operations of SACCOs across Uganda, Zambia, and soon the entire African continent. As a licensed Payment System Operator by the Bank of Uganda, FutureLink Technologies focuses on providing affordable financial services to low- and middle-income earners through a community-driven digital marketplace.
Matia Ssebiranda, Marketing Manager at FutureLink Technologies, emphasizes that MSACCO allows users to manage their SACCO accounts anytime and anywhere. This flexibility means that a customer in Kampala can join a SACCO based in Mbarara, effectively bridging geographical barriers. The platform enables users to perform various transactions, such as loan repayments, deposits, and withdrawals, directly from their mobile devices.
The MSACCO app is available on both Google Play and the App Store. New users can easily register and select their desired SACCO, while existing members can digitize their accounts with minimal hassle. Ssebiranda notes that savings start automatically for new customers, while access to credit is contingent upon the duration and volume of transactions within the SACCO.
MSACCO’s progress was highlighted during Day Four of the #40Days40FinTechs initiative, an event organized by HiPipo aimed at promoting financial technology innovations. This initiative, part of the broader Include Everyone program, serves as a platform for stakeholders in the digital finance sector to showcase their products and discuss strategies for improving financial access for underserved communities.
With over 150 participants in previous years, the #40Days40FinTechs initiative continues to be a premier showcase for innovations that facilitate digital inclusion. The initiative is supported by various partners, including the Bill and Melinda Gates Foundation, which underscores the collaborative effort required to advance financial technology in Africa.
Read About: Edusat ERP is streamlining school operations
